Question
In: Accounting
explain the reasons for FASB 2018-08 accouting standards update?
explain the reasons for FASB 2018-08 accouting standards
update?
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Which organization creates international accouting standards? FASB IFRS IASB SEC
Which organization creates international accouting
standards?
FASB
IFRS
IASB
SEC
Impact of Financial Accounting Standards Board (FASB) Accounting Standards Update ASU 2016-02 Leases
Impact of Financial Accounting
Standards Board (FASB) Accounting Standards Update ASU 2016-02
Leases
1. Several ASU's have been issued by the FASB over the last several years. Accounting Standards Update...
1. Several ASU's have been issued by the FASB over
the last several years. Accounting Standards Update No. 2015-01
Extraordinary and Unusual Items was issued in the beginning of
2015.
Required: (Address only extraordinary items in your
answer.)
1.What was the reason for this update?
2.What was the standard before and how has it changed the
presentation of extraordinary items?
3.Do you think this is an improvement? Give two reasons for your
answer.
Explain the relationship of the SEC and the Financial Accounting Standards Board (FASB).
Explain the relationship of the SEC and the Financial Accounting
Standards Board (FASB).
Determine the fundamental reasons why Financial Accounting Standards Board (FASB) requires a company to use the...
Determine the fundamental reasons why Financial Accounting
Standards Board (FASB) requires a company to use the equity method
of accounting for investments. Next, propose two (2) theoretical
problems of recognizing equity income that the opponents of the
equity method would consider. Provide a rationale for your
response.
Analyze the potential impact of eliminating the retrospective
application of the equity method to increases in previously held
ownership interests that result in significant influence and which
qualify for use of the equity...
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine the specific eight- or...
Access the FASB Accounting Standards Codification at
the FASB website (www.fasb.org). Determine the specific eight- or
nine-digit Codification citation (XXX-XX-XX-XX) for accounting for
each of the following items:
Required:
1. Disclosure requirements for maturities of long-term
debt.
2. How to estimate the value of a note when a note
having no ready market and no interest rate is exchanged for a
noncash asset without a readily available fair value.
3. When the straight-line method can be used as an
alternative...
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine each of the following:
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine each of the following:
1. The specific eight-digit Codification citation (XXX-XX-XX-X) that discusses depreciation as a systematic and rational allocation of cost rather than a process of valuation.
2. The specific nine-digit Codification citation (XXX-XX-XX-XX) that involves the calculation of an impairment loss for property, plant, and equipment.
3. The specific nine-digit Codification citation (XXX-XX-XX-XX) that provides guidance on accounting for a change in depreciation method.
4. The...
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine each of the following:
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine each of the following:
1. The topic number (Topic XXX) that provides guidance on information contained in the notes to the financial statements.
2. The specific seven-digit Codification citation (XXX-XX-XX) that requires a company to identify and describe in the notes to the financial statements the accounting principles and methods used to prepare the financial statements.
3. Describe the disclosure requirements.
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine the specific citation for...
Access the FASB Accounting Standards Codification at the FASB
website (www.fasb.org). Determine the specific citation for each of
the following items:
1. Measurement of ending inventory using the lower
of cost or net realizable value (LCNRV) rule.
2. Measurement of ending inventory using the lower
of cost or market (LCM) rule.
3. The level of aggregation that should be used in
applying the LCNRV or LCM rule.
Requirement
Topic
Subtopic
Section
Paragraph
1
330
10
35
8
2
330
10...
Access the FASB Standards Codification at the FASB website (www.fasb.org). Required: Determine the specific citation for...
Access the FASB Standards Codification at the FASB
website (www.fasb.org).
Required:
Determine the specific citation for accounting for each of the
following items:
1. On what basis is a contract’s transaction price
allocated to its performance obligations?
2. What are indicators that a promised good or
service is separately identifiable from other goods and services
promised in the contract?
3. Under what circumstances is an option viewed as
a performance obligation?
Requirement
Topic
Subtopic
Section
Paragraph
1
606
10
2...
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